Question

A couple wishes to borrow money using the equity in their home for collateral. A loan company will loan them up to 70% of their equity. They puchased their home 13 years ago for $69 comma 691. The home was financed by paying 15% down and signing a 30-year mortgage at 8.4% on the unpaid balance. Equal monthly payments were made to amortize the loan over the 30-year period. The net market value of the house is now $100,000. After making their 156th payment, they applied to the loan company for the maximum loan. How much (to the nearest dollar) will they receive?

Answer #1

6 years ago fraser family financed their new home with a 4.15
percent fixed rate 30-year mortgage. The house they bought cost
$450,000 and they made a 20% down payment on the house.
1. How much did they borrow 6 years ago?
2. What is their monthly mortgage payment?
3. If they keep making these payments for the full loan term how
much total interest will they pay on the loan?
4. What is their current loan balance?

A young couple take out a 30-year home mortgage of $145,000.00
at 6.9% compounded monthly. They make their regular monthly payment
for 7 years, then decide to up their monthly payment to
$1,200.00.
a) What is the regular monthly payment? $
b) What is the unpaid balance when they begin paying the
accelerated monthly payment of $1,200.00? $
c) How many monthly payment of $1,200.00 will it take to pay off
the loan? payments d) How much interest will this...

You borrow 410,000 to buy a home using a 30-year mortgage with
an interest rate of 3.75 percent and monthly payment. After making
your monthly payments on time for exactly 6 years calculate your
loan balance. Disregard property taxes and mortgage insurance.

1.
To take advantage of the rising value if their home and the current
low interest rate environment, John and Jack, married but filing
separately, decide to refinance their home mortgage. they had
purchased their house 10 years ago for $200,000 but now the value
is approximately $350,000. At purchase they haf put 30% down and
financed the rest at a mortgage rate of 5% fixed. at the time of
refinancing, the principal balance on the loan is $110,000. The...

suppose that 10
years ago you bought a home for 120,000, paying 10% as a down
payment, and financing the rest at 9% interest for 30 years.
this year (10 years after you first took at the loan) you
check your loan balance. only part of your payments have been going
to pay fown the loan; the rest has been going towards interest. you
see that you still have 96,584 left to pay on your loan. your house
is now...

Logan Green decided to build an earth friendly home. He owned
the land, but had to seek financing to cover the cost of
construction. Conglomerate Mortgage Company offered him a
construction loan where no payments were made until one month after
the certificate of occupancy was issued. After that the loan would
convert to a standard 30 year fixed rate mortgage. Logan borrowed a
lump sum of $416100 at 4% per year compounded monthly. Logan
received his certificate of occupancy...

The following balance sheet and income statement should be used for
questions #1
through #6:
Kuipers, Inc.
2001 Income Statement
(OMR in millions)
Net sales 9,625
Less: Cost of goods sold 5,225
Less: Depreciation 1,890
Earnings before interest and taxes 2,510
Less: Interest paid 850
Taxable income 1,660
Less: Taxes 581
Net income 1,079
Addition to retained earnings 679
Dividends paid 400
Kuipers, Inc.
12/31/00 and 12/31/01 Balance Sheet
(in OMR, in millions)
2000 2001 2000 2001
Cash 1,455 260...

QUESTION 1
All of the followings are the rights and privileges of a
Common Stockholders EXCEPTING:
a.
Voting/Proxy Rights
b.
Right to Dividends
c.
Residual Right
d.
Pre-emptive Right
e.
Right to Interest Payments
10 points
QUESTION 2
Your best friend's parents want to buy a home in the
Worcester County, but they don’t know the exact amount of money
that they can afford to borrow. They can afford monthly payments of
$ 1,800. A friendly bank in Worcester...

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